ASIA EX-JAPAN EQUITY

Aiming to achieve long-term capital appreciation by investing in companies in or deriving substantial revenues from emerging countries in Asia.

Our biggest positions are in companies we believe are least likely to lose money in absolute terms.

Jonathan Pines

Portfolio Manager

Asymetric payoff

Our larger positions tend to be those with a lower potential loss, meaning we aim to outperform in falling markets.

Price

We focus on buying stocks that are attractively priced, an approach we consider suitable to most market conditions.

Contrarian

As contrarian investors, often the stocks we buy are attractively priced because of negative news or underperfomance.

Track Record

We rank among the best performing Asian equity strategies, but differ significantly from our peers.1

Investment approach

Wheat from the chaff: we screen extensively to identify stocks priced attractively relative to their quality. Price to book and the five-year average return on assets are particularly important as we identify a stock’s divergence from its long-term fair value.

Financial statement analysis: we scrutinise company statements, then analyse the company in depth and speak with management.

Taking position: the size of our position is informed by our risk assessment. We manage risk at the stock and portfolio level. Typical holding periods are 12 to 18 months.

1Since inception the Hermes Asia ex Japan Strategy has ranked in the top decile in the Mercer - Asia ex Japan Equity Peer Group. As at 30 September 2018. The inception date of the strategy is 1 January 2010. Past performance is not a reliable indicator of future results and targets are not guaranteed.

Team

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Jonathan Pines

Lead Portfolio Manager

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Jonathan joined Hermes in March 2009 as portfolio manager responsible for Asia ex Japan within the Emerging Markets strategy. Hermes launched the Asia ex Japan strategy at the start of 2010, appointing Jonathan as lead portfolio manager. Prior to joining Hermes he was a fund manager at RAB Capital and an analyst at Orbis Investment Advisory in London. Jonathan grew up in South Africa, where he was a partner at PKF Johannesburg. He holds an MBA from Harvard Business School, is a CFA charterholder and a chartered accountant. Jonathan, or the funds he runs, has been awarded Asian Investor's Asset Management Award for best Asia ex-Japan equity strategy for each of the last five years; Portfolio Adviser’s Platinum Award for Asia Pacific ex-Japan Equity in 2017; Citywire Asia's Asia ex-Japan Group Award in 2016; and Investment Week’s 2016 Fund Manager of the Year Award for Asian equity.

Sandy Pei

Deputy Portfolio Manager

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Sandy joined Hermes in July 2013 as a senior analyst responsible for idea generation for the Asia ex-Japan strategy; he became deputy portfolio manager of the strategy in July 2014. He joined from Investec Asset Management, where he was part of a two-person team dedicated to managing the Investec Asia ex-Japan Equity Fund. Sandy was previously an analyst for the Hermes Emerging Markets team between 2009 and 2011. He holds an MSc in Quantitative Finance from the Cass Business School and a BSc in Economics from University College London. Sandy is a CFA charterholder and is a native Mandarin speaker.

Maggie Sun

Analyst

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Maggie joined Hermes in February 2016 as an investment analyst responsible for Asia ex-Japan research. Prior to joining Hermes, he worked at HSBC Global Banking & Markets and Exane BNP Paribas in London. Maggie holds a Master of Finance degree from the University of Cambridge and a BSc in Mathematics from University College London. Maggie is a native Mandarin speaker.

Miras Mami

Analyst

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Miras joined Hermes in August 2018 as an investment analyst focused on research and idea generation for Hermes’ Asia ex-Japan equity strategy. Prior to joining Hermes, Miras worked at HarbourVest Partners in London, where has was focused on making direct equity investments in EMEA. Miras began her career in the corporate finance team at ING. She holds an MBA (with distinction) from Harvard Business School, as well as an MSc and BSc in Economics from University College London. Miras is a CFA charterholder and is a native Russian speaker.